The global food crisis is “severe” and is affecting poorer countries, World Bank president David Malpass said.
He called on countries to take urgent action to solve the food security challenge caused by geopolitical conflict.
“People in poor countries, especially in rural areas, are the hardest hit by the food crisis … there is also a tendency to move towards less nutritional food that is more concerning.”
“There has been a shortage of food, energy and fertilisers … fertilisers and energy are critical for the crop cycle, so they are building on each other and creating a food crisis that will last at least for months and probably into next year. Food prices are already up almost 37 per cent year-on-year,” Mr Malpass said during an online press conference.
For each one percentage point increase in food prices, 10 million people are thrown into extreme poverty, according to the World Bank's estimates.
The UN Food and Agriculture Organisation's food price index has warned of sharp price increases for grains, oils and other foodstuffs as exports from agricultural powerhouse Ukraine continue to be affected by conflict.
However, Mr Malpass said there is one “positive side” to this crisis.
“Markets have reacted quickly, and we are entering this food insecurity cycle with large global stockpiles … as they [food stockpiles] are released there can be progress and also the supply of food, fertilisers and energy can be increased substantially by countries if they choose to do so.”
“Countries should start early. The World Bank hopes that many countries will step forward with individual solutions to immediately alleviate the food and fertiliser crises,” Mr Malpass said.
On Monday, the World Bank cut its forecast for global growth to 3.2 per cent, from its earlier expectation of 4.1 per cent. The International Monetary Fund also lowered its projections for global growth to 3.6 per cent in 2022 and 2023, revising it down 0.8 and 0.2 percentage points from its January forecast.
Mr Malpass said developed economies can add substantially to the global supplies and ease some of the burden on the poorer countries. He also urged central banks to use the right tools to add to the supplies and ensure better capital allocation.
“They [developed economies] need to build up their systems to produce more … one of the drawbacks in recent years is the shortage of investments especially in the developing world.”
“There should be policies to boost investments … capital allocation of global resources can be improved to boost equality … poor countries are lagging further behind and some of that owes to macro policies of advanced economies. They are borrowing very heavily from global capital markets which leaves less for other countries,” Mr Malpass said.
Mr Malpass said that the world has “to move urgently towards solutions” as rising interest rates and debt burdens begin to pile pressure on developing countries.
He urged countries to put in place strong policies that will help them to attract investments from their own citizens and foreigners.
The World Bank is also preparing a $170 billion package in response to the global crises of Russia's war in Ukraine, the Covid-19 pandemic and inflation.
To help Ukraine, the World Bank mobilised nearly $1bn in emergency financing to continue government services and help to pay hospital workers and pensions. Last week, it announced another $1.5bn support for essential government services in Ukraine.
“On Thursday we have a meeting with Ukraine and supportive countries to look for further assistance for both near- and long-term needs of people.”
“We are pleased to see some refugees are going back to Ukraine as the situation in some parts stabilises … we are encouraged to see this trend but war still continues and there are millions of displaced people in Ukraine who need assistance,” Mr Malpass said.
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The Perfect Couple
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Creator: Jenna Lamia
Rating: 3/5
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
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On sale: now
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Document everything immediately; including dates, times, locations and witnesses
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Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
Rashid & Rajab
Director: Mohammed Saeed Harib
Stars: Shadi Alfons, Marwan Abdullah, Doaa Mostafa Ragab
Two stars out of five
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Two-step truce
The UN-brokered ceasefire deal for Hodeidah will be implemented in two stages, with the first to be completed before the New Year begins, according to the Arab Coalition supporting the Yemeni government.
By midnight on December 31, the Houthi rebels will have to withdraw from the ports of Hodeidah, Ras Issa and Al Saqef, coalition officials told The National.
The second stage will be the complete withdrawal of all pro-government forces and rebels from Hodeidah city, to be completed by midnight on January 7.
The process is to be overseen by a Redeployment Co-ordination Committee (RCC) comprising UN monitors and representatives of the government and the rebels.
The agreement also calls the deployment of UN-supervised neutral forces in the city and the establishment of humanitarian corridors to ensure distribution of aid across the country.
FIGHT CARD
1. Featherweight 66kg
Ben Lucas (AUS) v Ibrahim Kendil (EGY)
2. Lightweight 70kg
Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
3. Welterweight 77kg
Marcos Costa (BRA) v Abdelhakim Wahid (MAR)
4. Lightweight 70kg
Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)
5. Featherweight 66kg
Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)
6. Catchweight 85kg
Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)
7. Featherweight 66kg
Yousef Al Husani (UAE) v Mohamed Allam (EGY)
8. Catchweight 73kg
Mostafa Radi (PAL) v Abdipatta Abdizhali (KGZ)
9. Featherweight 66kg
Jaures Dea (CMR) v Andre Pinheiro (BRA)
10. Catchweight 90kg
Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)
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Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Sholto Byrnes on Myanmar politics
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TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
